PAN-Aadhaar Link: With the deadline for linking Permanent Account Number (PAN) with Aadhaar quickly approaching, individuals must prioritise completing this process before June 30 to avoid any disruptions to their National Pension System (NPS) accounts. The government has made it obligatory to link PAN and Aadhaar as a measure to combat tax evasion and promote financial transparency. Failing to meet this deadline could lead to the suspension or deactivation of your NPS account.
“In continuation to our earlier advisory dated March 23, 2023, on the captioned subject, the date for linking PAN with Aadhaar has been extended till June 30, 2023 in accordance with CBDT press release dated March 28, 2023,” the PFRDA circular read.
PAN and Aadhaar are distinct identification numbers issued by different government entities in India. PAN, a ten-digit alphanumeric identifier issued by the Income Tax Department, and Aadhaar, a twelve-digit unique identification number issued by UIDAI, serve different purposes. However, linking these two identification numbers is of utmost importance as it enables the government to enhance the efficiency of financial transaction monitoring, detect tax evasion, and prevent the misuse of multiple PAN cards.
NPS, a voluntary retirement savings scheme initiated by the Indian government, is designed to offer a steady post-retirement income. Its appealing returns and tax advantages have made it increasingly popular among individuals. To retain the benefits provided by the NPS, it is essential to comply with government regulations, including the linking of PAN and Aadhaar. This linkage ensures adherence to regulatory requirements and enables seamless management of retirement funds while maximizing the advantages offered by the NPS.
Link PAN-Aadhaar Online: Check Step-By-Step Process Here
-Visit the official income tax e-filing website at – https://www.incometaxindiaefiling.gov.in/.
-Under the “Quick Links” tab, click on the “Link Aadhaar” option.
-Alternatively, you can directly visit the Aadhaar linking page by accessing the following URL: https://www.incometaxindiaefiling.gov.in/e-Filing/Services/LinkAadhaarHome.html.
-On the Link Aadhaar page, you will find a form to fill in the required details. Enter your PAN, Aadhaar number, and name as mentioned on your Aadhaar card. Cross-check the details carefully to ensure accuracy.
-If your Aadhaar card only has your year of birth mentioned and not the complete date of birth, you will need to tick the box indicating the same.
-After entering the details, you will also need to fill in the “Captcha Code” for verification purposes.
-If you have only your Aadhaar card and not the PAN card, you can select the “I have only Aadhaar” option.
-Once you have filled in all the necessary details, click on the “Link Aadhaar” button.
-If the details entered by you match with the information in the Aadhaar database, your PAN will be successfully linked with Aadhaar.
Failing to link your PAN and Aadhaar by the deadline can result in various restrictions being imposed on your NPS account. These restrictions may include the inability to contribute further to your account, limited access to account information, or even the suspension of your account. To prevent any inconvenience or loss of benefits, it is essential to take prompt action and ensure the linkage of your PAN and Aadhaar before the June 30 deadline.
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